5 Sep 2013
GBP/USD drops through critical 1.5600 level
FXstreet.com (London) - GBP/USD has taken out the critical 1.5600 level and exposes the downside in preparations for tomorrows US job reports.
GBP/USD is printing sub 1.5600, marking a low of 1.5573 on the day so far, attracting bids and finding support in Tuesdays resistance. Meanwhile, attention will be turning towards the US payrolls and will be make or break for September tapering, according to Cristian Maggio, Senior Emerging Markets Strategist, Rates and FX Research at TD Securities, effecting the cross. “…with 100k being the key threshold.”
GBP/USD levels
Axel Rudolph, Senior Technical Analyst at Commerzbank said “GBP/USD’ s rally has faltered ahead of the 1.5605 April high and we would allow for a slide back to the 1.5476 2 month up channel)”. The 20 DMA 1.5561, 50 DMA 1.5352 and the 200 DMA 1.5500. RSI (14) reads 44.39. Supports are ascending from 1.5507, 1.5522 and 1.5556. Spot is currently 1.5588 while resistances are 1.5623, 1.5674, 1.5696, 1.5718 and 1.5753.
GBP/USD is printing sub 1.5600, marking a low of 1.5573 on the day so far, attracting bids and finding support in Tuesdays resistance. Meanwhile, attention will be turning towards the US payrolls and will be make or break for September tapering, according to Cristian Maggio, Senior Emerging Markets Strategist, Rates and FX Research at TD Securities, effecting the cross. “…with 100k being the key threshold.”
GBP/USD levels
Axel Rudolph, Senior Technical Analyst at Commerzbank said “GBP/USD’ s rally has faltered ahead of the 1.5605 April high and we would allow for a slide back to the 1.5476 2 month up channel)”. The 20 DMA 1.5561, 50 DMA 1.5352 and the 200 DMA 1.5500. RSI (14) reads 44.39. Supports are ascending from 1.5507, 1.5522 and 1.5556. Spot is currently 1.5588 while resistances are 1.5623, 1.5674, 1.5696, 1.5718 and 1.5753.